Report Details How Nigeria Lost 116.46 Million Worth N18.88 Billion Litres of Fuel in 2021

Report Details How Nigeria Lost 116.46 Million Worth N18.88 Billion Litres of Fuel in 2021

  • The Nigeria National Petroleum Corporation said that Nigeria lost about 116.46 million litres of fuel to theft in 2021
  • According to the report, the worth of the products is estimated at N18.88 billion through various stretch of pipelines in the country
  • The NNPC put the value of petrol lost in November 2021 at N1.283bn, while that of December was worth N2.24bn.

The Nigeria National Petroleum Corporation says about 116.46 litres of fuel worth N18.88 billion was stolen in 2021.

Various figures from NNPC reports on Pipeline Performance for PMS reveal that from Janaury 2021 till December last year, enermous amount of petrol brought into Nigeria by the NNPC did get to their desired depots.

NNPC Group Managing Director, Mele Kyari
NNPC Group Managing Director, Mele Kyari.
Source: Twitter

According to The Punch report, the products got lost via four pipeline segements which inlucludes Atlas Cove-Mosimi and Atlas Cove-Idimu-Satellite, Mosimi-Ibadan, Ibadana-Ilorin and Port-Harcourt-Aba.

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Various amounts of money lost via various pipelines

In Janaury 2021, a total of 6.37 million litres of petro was lost via three pipeline segments, excluding that of Port-Harcourt-Aba because there were no pumping operations on the line in January.

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Another report from BusinessDay says that the NNPC says the ex-depot prIce of petrol was N143.17/litre. This means that the value of petrol stolen in January 2021 was N943.92 million.

In February, March, and April of 2021, the oil company said it lost 5.317 million litres, 5.722 million litres and 7.366 million litres of petrol worth N787.88 million, N855.28 million and N1.09 billion respectively.

The report also said that in June and July of 2021, the firm lost 14.157 million litres and 9.329 million litres of petrol valued at N2,1 billion, N1.57 billion and N1.38 billion for May, June and July.

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The losses wen on in August as 8.583 million litres of PMS valued at N1.27bn was stolen; September, 13.92 million litres worth N2.06bn was diverted; and in October, 14.075 million litres valued at N3.31bn was lost.

In the months of November and December 2021, the volumes of stolen petrol were 5.953 million litres and 15.085 million litres, respectively.

The NNPC put the value of petrol lost in November 2021 at N1.283bn, while that of December was worth N2.24bn.

What Nigeria lost through theft

A summary of the amount of volumes of PMS theft during the 12-month period showed that the NNPC lost 116.46 million litres of petrol valued at N18.88 billion.

The NNPC has been the only company importing petrol into Nigeria for about year s now. Marketers stopped the importation of the commodity due to the strains of foreign exchange.

Report reveals billions of Naira petrol subsidy gulped in 7 Months

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Legit.ng has reported that a report by The Cable indicates that Petrol subsidy payments gulped N714 billion in the last seven months, shrinking monthly revenue accrued to the federation account.

The subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol.

Legit.ng gathers that the the document obtained showed that the country spent a total of N714.79 billion year-to-date to cater for the cost of petroleum shortfall, also known as under-recovery.

Source: Legit.ng

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